Which Banks are Complying with the Credit Card Act?

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (“CARD” Act) goes fully into effect in February 2010. If you want to find out which credit card issuers are complying with CARD at this time, go to www.billshrink.com. You can write in the name of your bank and find out to what extent the bank is in compliance. The major credit card banks are in compliance on some, but not all of the CARD requirements. The site neatly summarizes the ten major protections afforded cardholders. They are protection from arbitrary rate increases through early notification, the right to have...

CONTINUE

Arbitration Forum Exiting Credit Card Business

The Minnesota Attorney General sued the National Arbitration Forum alleging it was essentially a front for various large banks and collection agencies. NAF falsely held itself it out to be a neutral forum for processing creditors’ claims against consumers. On July 19, 2009, the AG announced that NAF has entered into a settlement of the lawsuit under which NAF will immediately stop accepting consumer arbitrations of any sort. This is wonderful news for consumers and a major step towards getting rid of all mandatory arbitration clauses in consumer contracts.

CONTINUE

Most Credit Cards Are Unfair according to Study

A report by most credit cards in the U.S. include at least one practice that qualifies as “unfair and deceptive” under new Federal Reserve guidelines set to go into effect in 2010, according to a report from the Pew Safe Credit Cards Project. Reviewing consumer credit cards issued by the 12 largest companies, and which represent 88% of outstanding credit card debt, the researchers found: • 100 percent of cards allowed the issuer to apply payments in a manner which, according to the Federal Reserve, is likely to cause substantial monetary injury to consumers. • 93 percent of cards allowed...

CONTINUE

Credit Card Companies Are Now Canceling Cards Due to Not Enough Use!

Charging too much on your credit cards is a good way to get into financial trouble. So, in this economic climate, it’s best to keep those cards in your wallet, right According to an article in MSN Money, not necessarily so. Banks are apparently taking a hard look at customers who don’t use their credit cards — or who don’t use them anough — and simply canceling those cards. The banks reason that closing rarely-used accounts lowers their risk profile, because getting rid of unused accounts limits the bank’s liabilities (potential available credit) compared to the bank’s assets. Also, simply...

CONTINUE

Capital One Settles With Identity Theft Victim

Capital One Bank and the credit reporting agencies (Equifax, Experian and TransUnion) recently settled with our client who was the victim of identity theft. It took years for the identity theft victim to get Capital One to stop trying to collect on the account it opened for an imposter. The story began when Capital One sent a pre-approved credit card application to our client at her former college apartment. Someone in the building got the application from the mail and used it to get a VISA card from Capital One in our client’s name. The imposter took $500 from the...

CONTINUE
1 2 3 4

REQUEST A FREE CONSULTATION


  • 1736 Stockton Street
    Ground Floor
    San Fransisco, CA 94133
  • (415) 651-1951